SYDNEY (Reuters) -Australia’s central bank will consider from next year how to modernise the interbank settlement system that handles about A$300 billion ($194.94 billion) of daily transactions and is central to the payments system, its governor said on Friday.

“Our payments system must remain safe, reliable, low-cost and easy to use – but also innovative and future-ready,” Reserve Bank of Australia Governor Michele Bullock said in a speech on the payments system in Sydney. “Maintaining and evolving our payments system is therefore not optional. It is an economic imperative.”

Bullock added that from next year, the central bank will begin exploring options to modernise the Reserve Bank Information and Transfer System (RITS), the country’s interbank settlement system, including using moder

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